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35 Shocking Facts That Prove That College Education Has Become A Giant Money Making Scam

By Michael Snyder, on December 12th, 2011

College education in America is a bad joke. Instead of preparing the next generation of leaders for the jobs of tomorrow, the college education “industry” has become a giant money making scam. We constantly preach to our high school students that they “need” to go to college and we tell them to not even worry about how much it is going to cost because a college education is “always” worth the money. Then we lend them outrageous amounts of money so that they can pay the gigantic bills for the “education” that they are receiving. But the truth is that the quality of education at America’s colleges and universities is absolutely abysmal these days. I spent 8 years at U.S. universities, and most of the courses that I took could have been passed by the family dog. Sadly, once our young people graduate they quickly discover that there are way too many college graduates and not nearly enough good jobs. Today, we have millions upon millions of young Americans that are enslaved to student loan debt for the rest of their lives. They were promised a bright future, but instead most of them are discovering that they are going to be working really hard to pay off financial predators for decades to come. Unfortunately, for most college graduates a diploma is simply a ticket to a crappy job and a lifetime of debt slavery.

The following are 35 shocking facts that prove that college education in America has become a giant money making scam….

#11 One survey found that 23 percent of all college students actually use credit cards to pay for tuition or fees.

#12 According to recent Pew Research Center polling, 75% of all Americans believe that college is too expensive for most Americans to afford.

#13 College has become so expensive that it is causing many college students to do desperate things in order to pay for it. For example, an increasing number of young college women are actively advertising on the Internet for “sugar daddies” who will help them pay their college bills.

#29 In the United States today, approximately 365,000 cashiers have college degrees.

#30 In the United States today, 24.5 percent of all retail salespeople have a college degree.

#31 The percentage of mail carriers with a college degree is now 4 times higher than it was back in 1970.

#32 Right now, there are 5.9 million Americans between the ages of 25 and 34 that are living with their parents.

#33 According to one recent survey, only 14 percent of all Americans that are 28 or 29 years old are optimistic about their financial futures.

#34 Record numbers of Americans are going to college, but incomes for young American adults just keep falling. Since the year 2000, incomes for U.S. households led by someone between the ages of 25 and 34 have fallen by about 12 percent after you adjust for inflation.

#35 Once they get out into the “real world”, 70% of all college graduates wish that they had spent more time preparing for the “real world” while they were still in school.

So is going to college always a bad idea?

Of course not.

But it is a huge gamble.

There is no guarantee that all of the time, money and effort that you put into getting a college education is going to pay off with a promising career.

If you want to go to college, my advice would be to get someone else to pay for it. Failing that, try to get the best quality education that you can at the lowest price possible.

“I am the first in my family to go to college. Without family support, I self-financed three college degrees (BA, MA and PhD) at state colleges between 1988 and 2005 using Pell Grants, multiple jobs, scholarships and $90,000 in subsidized and unsubsidized student loans.

My loans have been bought and sold so many times it is impossible to keep track of changes in rates, balances and terms of service since I have never had to resign any promissory notes. Eventually, I was able to consolidate the loans with Sallie Mae at a 7% interest rate. My loan payments have ranged from $400-600/mo. depending on the loan provider and lowest possible payment option available.

…I am currently a public school teacher with an income of $50,000, barely enough income to pay the interest-only payments. I have never missed a payment in over ten years … and my loan balance stands at $105,000. To date, I have paid over $40,000 in loan payments and because my income restricts me to interest-only payments, and the 7% daily capitalized interest rate, I now owe $15,000 more than I borrowed….

My student loan situation has nothing to do with a lack of financial responsibility.

I have never missed a student loan payment and I have paid off $20,000 in credit card debt and a $10,000 car loan since graduation. I have no mortgage or any other outstanding debt, just my student loans. I have a credit score of 820. However, because of the usurious interest rates, capitalization of interest and the sole option of interest-only payments, I will never be able to pay off my student loan.

So do you have a student loan debt horror story to share? Or do you have an opinion about the money making scam that college education in America has become? If so, please leave a comment with your opinion below….

“We have millions upon millions of young Americans that are enslaved to student loan debt for the rest of their lives.” This is bad for the students, but for those who hold the loans, these students represent money machines that will produce for decades to come.

As for how hard students work in school, I worked my fanny off from 1978 to 1982; however, my dorm mates spent most of their time getting high, skipping class, partying, and nailing their girlfriends. Many didn’t graduate and simply ran up bills for their parents, and I’m sure this state of affairs continues today.

Piglet

“Once they get out into the “real world”, 70% of all college graduates wish that they had spent more time preparing for the “real world” while they were still in school.”

– This was the biggest joke after graduation and entering the work force. Very few found themselves using or needing anything they had learned in college. I recall a history professor telling the class that studies demonstrated that, one year after taking a class, students remembered no more than 10% of what they had learned, and from there it went further downhill. That means all that costly tuition bought us knowledge that flew out of our heads like air escaping from a leaky tire.

Nexus789

Well aren’t we self important and righteous little person. Has nothing to do with the rubbish you are spouting. The educational ‘system’ like housing, etc, has been hijacked by the banks to create more debt slaves.

Nexus789

Well aren’t we a self important and righteous little person. Has nothing to do with the rubbish you are spouting. The educational ‘system’ like housing, etc, has been hijacked by the banks to create more debt slaves.

Bob

As a result of being hijacked, the quality of education has gone down, to the point of memorizing answers for tests. Your point has everything to do with the “rubbish” you accuse them of spouting, yet you are so narrow in your perspective that you cannot grasp the scope of the situation.

i’vegivenup

Our broken education system (top to bottom) does not bode well for the future of this country and without well educated citizens America will continue to fall towards the bottom in all major categories. Third world country here we come…

Sarah

I wish I had know then what I know now about college debt. I currently have a bachelor’s degree and have had over 4 jobs since I graduated 2 years ago, none of which required a degree. I am newly engaged and had to move for a better job for my fiancee (and since my job was not paying my bills anyway the move was good for us). I had to defer my loan payments when we moved(not by choice but by lack of employment). I currently am temping at a secretary position, no need for the degree, and no future promise for a job, poor pay, and no raise in sight. I am still sitting on my loans in deferred status, because I can’t make enough to pay them any way. (Oh did I mention I have two other jobs besides the FULL TIME secretary position, and still can’t pay the amount to my loans). I am looking at my loans in this “Defer” status dreading what is to come, knowing that the only payments I will be making on them will be interest only. You know when loans are in derment they still tack on the interest, so that when and if you can actually start paying them again you are only going to be paying the interest you accrued while in the deferred status while the loan itself is still tacking on interest, which I am fearing will be all I am paying for the rest of my life and never even “touch” payments for the actual loan. For me college was a rip off and my major was a joke. My advice to everyone: Be careful what you chose to go to college for because you don’t need a degree for everything. Do your research first.

Ken

I am not going to marry a college loan.

Kevin

A lot has to do with what one gets a degree in. You will find that far too many are getting degrees in fields that presently have very little employment opportunities and historically those fields did not offer a job years ago either. Degrees in Political Science and History while very interesting (especially to me) are pretty much a dead end street economically. The humanities as a whole do not prepare someone for a “good job at good wages”. The public has lumped in engineering and medicine with European Art History in their thoughts about higher education. The goal of “doing something you love” takes a back seat to “making a living” for all but the wealthy. Too many parents disappointed with their own life created a false world with false expectations for their children. The now 30 year old faced with the reality of making a living is lost because they expected a life of fun. Welcome to the real world and your world is nastier then the one I seen.

Our kids are a surgical assistant with an Associates of Science degree and a Journeyman Electrician with 4 years on night school. Both are gainfully employed with benefits.

Golden Child

But fields like engineering are not the golden calf they are promised to be. First of all, only a minority of the population has the natural talents, skills and aptitudes to become an engineer or a scientist. Not everyone can be a scientist or a engineer just like not everyone can play for the NBA or the NFL. America ranks near the bottom when it comes to math test scores and yet people who aren’t engineers or scientists are demanding empty-headed products of the American education system to become rocket scientists?! Pretty laughable.

Also, despite what is plastered all over the media, there is no shortage for the vast majority of types of engineers. Wages for most types of engineers have remained flat for the past two decades. Tens of millions Americans possess math and science degrees. Many of these people are underemployed or unemployed. It is not hard to find dozens of testimonial articles from the past few years of unemployed recent math and science grads who can’t find a job putting holes in donuts let alone a job in their field.

There is no shortage of smart and capable people in America. Corporations lie to American workers and say they lack skills. In reality, that is merely an excuse to outsource labor or hire much cheaper H-1B Visas to cut costs and buy CEO’s bigger summer homes and a new fleets of luxury cars.

Globally there is a shortage engineers – thou donuts need not apply ;)

Kevin

I’m not implying that engineering is what it used to be when a person with a BSME or EE in India will do your work for $20,000 / yr. Actually if you never leave your desk your desk will end up in Bombay. Educated hands (hands in demand) that require you to be in the US to perform your job is what is needed to hold as much value as possible. I’m not implying that everyone can become an engineer or physician or other medical professional.

I am implying that a degree without a clear job in demand at completion will have limited to no economic value.

All college degrees are not equal.

I would much sooner have my child become a certified automobile mechanic then be the “Proud Holder” of a humanities degree.

http://www.OlGreyGhost.Blogspot.com Ol’ Grey Ghost

Now the Federal Government owns all the paper on student loans and is sending SWAT Teams to round up those who refuse/can’t pay. On top of that, there are those in Congress who call for laws that force loan recipients to “work off” their loans by serving as “bullet catchers” in the U.S. Armed Forces.

When the government invades an industry and starts to run things like an out-of-control parasitic organism, then it behooves the smarter among us to avoid dealings in that industry or fall victim to the “Invasion of the Body-Snatchers”…

Ken

Get someone else to pay for it? That someone else had better not be the taxpayer. The taxpayer is the someone else who has had to pay for healthcare, welfare, warfare, empire, bailouts, illegals, pensions, Solyndra, Government Motors, foreign aid, the EU, TARP, QE1, QE2, TSA, EPA, DOE, HHS, CIA, etc., in addition to too much tuition already.

So, for an average family in 1952, three years of tuition costs at Harvard was equivalent to purchasing a new car.

In today’s economy, a full year at Harvard costs more than the purchase price of a car. And, four years of Harvard would amount to $240,000. However, like one of the articles stated above, a freshman entering Harvard in 2011 would be paying more at least $10,000 for their senior year.

Everything has become more expensive, and there’s no end in sight.

Guido

To paraphrase Ford, as I did in another post, Education is, more or less, bunk. I got a college education, but I felt very cheated in the many fees and the idiocy of much of my experience. I felt like the school tried to nickel and dime me to death with various charges and requirements. Their student budget was an insane joke. The president of the school got a free, I believe it was a Lexus, at the time and a free house to live in. The textbooks were such a ripoff, many of us looked for used ones or went online (which back then was very new and not well-developed). Textbook manufacturers hated used books and paid you to send them the first 50 pages torn out of a used textbook to insure it fell out of use.

I don’t think education would be so expensive if the gov’t hadn’t nosed its way in and started pushing free money for everyone. Were it harder to pay for school, and if fewer people were being pushed to go, perhaps education would be more affordable and we would have fewer idiots in our halls of higher education. The fact that we have increasing numbers of buffoons in each Freshman class who need remedial education in every subject is a bad sign.

Perhaps Education is the next bubble that will pop? For years, people have said education was diminishing in value as more people graduated with useless BAs in pointless majors-and it just seemed to accelerate. The costs have gone up while the value has gone down. Eventually, folks won’t be able to afford it or find it useful to attend and admissions will necessarily fall, probably very quickly, leaving schools holding big, over-developed campuses with big, empty dorms, lots of underutilized professors, and lots of debt. Then what?

Cinderella Man JD

I went to college back in ’08. Went for small business management. I only went for two semesters did not finish, but managed to rack up $8000 in debt. I feel very fortunate that all that I did. I know people that have liberl arts majors spent over $100,000 and are now the proud deli manager at the local grocery store. I used to date a woman who was convinced by her councellor that she could be a forensic anthropoligist like CSI type of job, straight out of college. Now shes a great bartender. Look, I have no problem with people studying for what they enjoy, but I no longer think that the govt. should give out loans for poetry, english lit, or any other useless degree. It should only be for science and technology or business related fields. Anything else this day and age is a waste of money. Im already pretty savvy in business so for me my degree was a complete waste of time. Im just going to buy peachtree and quickbooks and learn accounting on my own. They have classes for entreprenural ideas. Hey if you got it you got it. Nobody can teach sucess or good ideas for business.

salliemaesux

I also hate how many small strange colleges are popping up left and right. All the advertising and focus on making ti quick and easy.

mondobeyondo

Beware of some of those little “independent” universities, like DeVry, University of Phoenix, etc.

Back during my working days *sigh*.. my employer made it a point to reject any application that stated that said applicant was a graduate of Collins College. He (hiring manager) didn’t think Collins College had a respectable arts and graphics curriculum. They rush them through, teach them the basics in a few months, and crank out diplomas. Basically, a diploma mill.

mark

First make sure that the degree you are going to school for will earn you enough to live. Don’t get an expensive hobby. Why does a public school teacher need a PhD? Sounds like a waste of time and money when you should get to work as soon as possiable to start paying off the debt. If you can’t figure that one out maybe they sould not be teaching our children.

Guido

I think it’s even worse if the teacher got a degree in education or teaching or whatever because they know less than nothing. Sure, they studied how to teach-but what do they know? Give me a former anything and have them teach. Soldiers, psychiatrists, lawyers, policemen, etc would all make better teachers with a shake-and-bake teaching degree than some nitwit fresh out of school with a degree in teaching. At least these folks have done something. Plus, you might get some wisdom in the classroom so that the next time a kid says his teacher is cute or wets himself or hugs his little friend or draws a gun in class they don’t have to have him arrested and pepper sprayed.

Adam

Remember…those who can’t do, teach!

KYTim89

The education bubble is the new financial/real estate bubble. Students that take out loans in the hundreds of thousands of dollars to pay for college are essentially taking out a loan for $150,000 house without purchasing an actual house. It seems like the right thing to do, but bailing out the students only proves that irresponsible behavior will be upheld, which in turn creates even more risky behavior.

The best thing for potential college students graduating from high school would be to learn a trade such as carpentry, welding or wood lathing and then allow the education bubble to burst. The bursting of the education, much like any other bubble, is inevitable. When the bubble does burst, expect colleges to lay off no less that seventy percent of their students and faculty. The higher education system would then correct itself by eliminating teacher tenure, unnecessary construction projects, which include athletics and dormitories, and excessive teacher salaries and redundant classes.

Adapting our education system to a free market would be the best solution. Much in the same way that college kids can but Phones, computers and LCD TVs is to not allow the Federal government to subsidize the purchasing of college tuition. This is why technology gets cheaper with time, because the government does not buy these things for the consumer. If I can buy a LCD TV today for $200, and it cost $1500 five years ago, then why can’t I do the same for college courses and tuition?

Guido

I agree with you about the trades. There are lots of folks who are getting useless educations for jobs that no longer exist who might be better served learning a useful trade. As a wannabe blacksmith, I see folks all the time who are interested in learning manual skills they can use for themselves. I know one guy who dropped out of school, apprenticed himself to German chefs, and now runs a 1 star restaurant in Frankfurt. He’s practically famous over there.

In the 1950s, my dad went to college on the GI Bill in Florida. (I think it was Florida State.) At that point, he stated the school had gone bankrupt several times and they weren’t too picky about students or teachers. Interestingly, with Florida’s large retirement population, they got some of the nation’s best professors once they retired. He got a great education for nothing. Perhaps your tradesmen have a chance at a great education once that bubble bursts?

Colin

I agree that colleges should be reformed, and that they should be used for training workers. I don’t think there should be diplomas in liberal arts majors. Many of these majors can’t be translated into career training and skills.

KYTim89

One thing that is driving up the cost of tuition at our universities besides government subsidies is athletics. You never hear anyone complain about it becuase Americans love their basketball and football, but where does that money come from? The truth is that most of the money that goes to fund college atletics comes from tuition, and with theever great push to expand atletics the cost of college is only going to go up.

The figure heads at the NCAA are probably licking their lips and smiling with glee as the federal government offers to subsidize even more student loans because it means more money in their coffers. Tell me, in a time of economic stagantion, does a football, or any other sport, need a coach that earns a yearly salary of two to ten million? The answer is no.

I must say that I agree with you. I graduated from college in 1974 and my education cost about
$8,000.00 for four years.Today,are students really learning anything?The courses are not challenging in most cases.There seems to be more emphasis on sports than anything else.These
sports programs are pushing up tuition cost.

mondobeyondo

Tuition in 2011 is $8,000 a SEMESTER. And that’s if you are lucky.

Gary2

Michael-I could be wrong on this but isn’t college free or almost free in other many other first world countries? They look at it as a investment in the long term. On the other hand many people come to our colleges from other countries. Do you know?

whoisbiggles

In Australia the cost per subject ranges between $600 and $2,400 per subject. Most degrees require 24 subjects. If you pay the subject cost upfront you will receive a 25% discount. Any lump sum payments made after completion get a 15% discount. You can study for up to 7 years (the length of a medical degree) and the govt. will allow you to defer payment of debt until you are in a job earning over $24k. The rate of interest your debt accrues AFTER completion is the rate of inflation.
Don’t want to pay for your teaching / medical / dentistry degree – sign up for 5 years country service.
Don’t want to pay for your engineering / maths degree most construction and mining companies will pay it off for you in return for service.
Got an arts degree – you’re probably ******* out of luck and will have to pay for it yourself.

Kevin

Why subsidize an education in a field of no demand? “Oh I’m not good at math and the government pays for math and science”. “I’m good at art and I want a subsidized degree in it”.

Potential employers need to attempt to predict their employment skill needs. For the last several decades they fed off the laid off with skills. If the US did a 180 degree turn in policy and really facilitated US manufacturing in a decade the supply of tradesmen would be unavailable.

whoisbiggles

The Australian government subsidises all degrees at the same level as a matter of equity.
In the end who can really predict which skills will be required and which won’t. Our country has had a large shortage of skilled tradies and graduates. But when the boom ends, who knows.

Guido

It isn’t much of an investment if the twit getting the loan or free education or whatever blows it on comparative literature or underwater basket weaving. Only productive, useful, vital skills are worth supporting and promoting.

I don’t think gov’t has any business supporting education. It’s not their responsibility and it’s a waste of money. Plus, it cheapens the value of the degree for those who actually do earn them to have the government making it easier for more and more people to get them. There’s no value in making education common-otherwise the value of the degree is diminished in the first place. That’s part of why they seem so pointless now. I’ve heard for years the bachelors degree is the new high school degree. Schools are even accepting retards now and bilking them out of money for several years of the “college experience.” At the end, they give them a certificate of attendance, or something. What’s the point of that? Education as a feel-good?

whoisbiggles

Guido,

My original comment was to Gary’s question about what happens in a country other than the US.

The difference between Oz and the US comes down to a population of 22mil vs 350mil. And we are a younger nation that has many shortages of skilled professionals, for us the question is more whould we increase skilled migration or provide education and skills for our children. At the moment we are doing both.

We have a continuing shortage of university/college places for students. To date we have around 49 public universities and 1 privately owned one. So in our system around 50% of high school finishers will not academically qualify for uni. A further 10% – 15% wont apply.
I suspect that in the US you have a system of trade colleges – here trade apprentices study 2 days a week and work 3 to 4 days a week until they gain their qualifications. If the apprentice is a lug nut they will have little chance of completing the practical side to get their accreditation.

Whether or not our government should set aside places for underwater basket weaving…

melissa

I understand, that collegesports is an american tradition.

I think it would lower the college dept quiet a bit, if colleges would not have to pay for choaches, Basketballcourts, Footballfields and so on.

European Countries have no high class college sports. Sport, except if you study to be a sport teacher is a private enterprice.
Young Sporttalents are trained in the clubs of the leagues for excample soccerteams or national sport assocations or clubs comparable to the YMCA.

I think colleges tuition would go down with out all these sports.
colleges shoul be for what they are meaned to be strikt education.

mondobeyondo

You have a good point Melissa.

How much do college sports coaches get paid, compared to college graduates? I mean.. look at the controversy over Joe Paterno. He is not a physicist or biologist or brain surgeon. He WAS the coach of the Penn State Nittany Lions football team. Don’t know what he’s doing now. I guess decorating his Christmas tree.

Perspective, perspective…….

Ken

Paterno produced nothing of value, just like the parasites in DC.

Loveless One

This article hits home for me especially, as I used to do the college grind. I did a two year stint in a business (read I don’t have a clue what to take as a major and I want to sleep through school) program, hoping to grab a Bachelors of Science, this was back in ’08 right before the stuff hit the fan. I was shocked to find out that college was actually EASIER than high school, at least at the private college I was attending.

Fast forward and I had a massive change of heart about my life, future and goals so I decided to drop-out. Thankfully I had left school with no debt, as I used some of an inheritance to pay it off, a real blessing in this horror-show of student loans. A nervous breakdown later I had left my job and basically I’m starting over from square one.

Anyway, what I want to say is that since I’ve left the educational system, I’ve learned more about the world and myself than ever before. The internet and the public library are an amazing tool for research and knowledge. Right now I’m studying some old masters of philosophy like Plato as well as reading some Carl Jung and Nietzsche and getting my feet wet on history. I’m not trying to brag or sound smart, because I’m not, what I want to say is that you and you alone can do a great job of teaching yourself.

A year ago this time I had no clue about the world or history that’s led up to the mess we’re in. I got a taste for knowing how badly I was being forked over, and I guess that lit the spark to wanting to know more. You don’t need an overpaid professor to teach you what you want to know, seek it out yourself! Like Socrates of old, be humble in your quest for knowledge, know that you know more than others but be prepared to know little in things you don’t know.

I’m not trying to damn college as it has (had?) it’s merits, especially in the science and medical fields. If you really want to LEARN you don’t need a stupid piece of paper, you need an OPEN MIND. It’s unfortunate that in our society obsessed with expertology, we favor those who can parrot what’s written in manuals rather than interpenetrate the manuals themselves.

Guido

Good for you! I always found I learned more from my own private time and personal pursuits. I’m studying blacksmithing now and I love it. I read, travel, do new things and I know more as a result than I ever learned in college. Most of that experience was a waste of time. I always believed the only real value in it was to get your ticket punched so you could move up the ladder further and make a better income.

Keep in mind, our founding fathers had little, if any, formal education-they taught themselves, for the most part, and got the rest as apprentices and assistants to others.

I’ll never forget hearing from an old welding teacher about how his first boss/mentor, who came up as an old school apprentice welder that he shouldn’t waste so much time “ciphering” when they got a new welding job. In this instance, the young, educated welder was working out how to do a circular piece on a job and told his boss he was figuring pi. The old timer told him, “Heck, to do a circle, all you need to know is it’s 3 (pinches fingers together) and jest’ a little bit more.”

No formal education, but those old timers are usually pretty smart. I had a guy show me how old timer carpenters figured out how to make arched doorways and windows. Their method was mathematically precise, yet K.I.S.S. simple, just using chalk and a single board.

I also have a friend who is in a historical organization trying to examine and understand how the old timers built wooden boats 100 years ago. Upon examining a 100 year old specimen, they found where the keel arcs up to become the bow, two pieces of wood are joined together in a cut that is impossible to make with today’s equipment. When he questioned naval architects, no one could figure out how they made these cuts and joined the wood! It is a skill that was used as recently as 1900, yet it might as well have been buried with King Tut.

Education is, more or less, bunk.

These days, it’s easier than ever before to get knowledge. You can even buy/download college courses on tape and listen to experts from every field lecturing on everything from literature to history to physics. You get the all the info of a classroom lecture without any of the hassles. Heck, you can turn your commute into a chance to learn something useful.

Loveless One

Thanks for the kind words!

I’ve always felt that ancient knowledge and know-how is more life saving than anything some tenured know-it-all could teach.

And you’re absolutely correct about using the internet to download knowledge. You can even find lectures right on Youtube!

I agree that college is nothing more than a resume buffer. Americans still hold these lofty ideals about college still teaching lofty Victorian ideals and turning out noble scholars.

It’s all bunk, maybe 40 years ago it was, but today it’s big business as usual.

Tatiana Covington

Learn Chinese! Learn robotics!

Stanislaw

Another excellent article.

I was very blessed, as I managed to get through by B.A. and M.A. with about $56K over the course of seven years (4 for the B.A. and 3 for the M.A.), but I never once had to take out a loan. Like many people, I have not been able to find a job in my field and I currently work two jobs, at about 45-50 hours a week, and make only about $18K a year, all the while supporting a wife and two children. My wife, chidren, and I live with our parents because if we did not, we would be completely destitute.

I known many people who have taken out college loans, and I can definitively say they are evil. The interest on them never goes away, and continues to build while making it impossible to pay the principal. Many friends and persons I know are in serious debt which they will likely never pay off, since they have basically taken a house mortgage for a college degree.

I am not against college education, as the one I received was excellent and did me much good. I do caution most people because college is not a guarantee of a job. In the classical liberal arts model, college was meant to teach somebody how to think for themselves, not what to think, and it certainly was not used for career training, which is what it has become today. Yet even the classical liberal arts model is conditional upon people wishing to educate themselves by reading and discussion, not by intoxicating themselves from Thursday afternoon through Sunday evening.

I would like to get a PhD someday for my field of study, but that will have to wait because I cannot mathematically afford it. It is foolish to wager one’s future upon a wholly unpredictable outcome, especially in times like now with the economic and social instability. Unfortunately, many people have done and are willing to continue to do this.

Besides, there are better investments to make now that will have much longer term benefits. The ones which come to my mind are Silver or Gold, good farming land, and possibly stock in oil, gas, or mining companies if one enjoys the stock market.

Choo Hader

DAMN! That sucks for that teacher that went to school for a decade, been paying for a decade, and still owes more than she borrowed!!!

She should’ve done like me, dropped out, worked crappy jobs, lived at home, invested every dollar she could in silver coins and gold mining stocks and she’d have a 6 figure net worth, and I’m just getting started.

America is a slave colony. It’s owned by Globalist bankers who start all the wars, run the govt at every level, and use their MSM Propaganda mouthpiece to LIE to you about almost EVERYTHING! You’re just a debt/tax slave to your Imperial Fascist Masters. You have no rights, only what they tell you can or cannot do.

timelordriversong

Just sell crack to college students and make a fortune.

El Pollo de Oro

“Hey kiddies, keep spending that money in college. Get that degree as an MBA. You can have a job at Wal-Mart. You can become a cashier or a clerk.”—Gerald Celente

Zach

I am a software engineering student. When I was looking at colleges, I chose Drexel University because the co-operative education program was appealing to me.

In part due to my lack of research, I was unaware that Drexel’s cost was exceedingly high. I was caught up in the idea of going off to college and blah blah blah. Next thing I know, I’m a fourth year student staring down what’s going to be about $100,000 in debt for my BS in SE.

It’s hard for me to say that it hasn’t been worth it. Working in co-operative education has netted me a fantastic job which has already offered me a post-graduating position with a respectable salary. I’ve made three amazing friends that I can’t imagine life without now.

As much as it sucks to be a slave to student debt interest for the rest of my life, I think that my experience at the university has been worth it. At least, now anyway. I’m sure a few years down the line I’ll be bitching about it :p

REED RICHARDS

I guess they say better late than never. However, this expose should have been done back in 2002. Now with studen loan debt topping over 1 trillion dollars, In order for this debt to ever be paid off, I say these newest suckers of the government teat had better start some serious burger flipping and fry burning……..

Don Levit

I remember my dad telling me years ago “College helped prepare me to think.”
This is what is needed, critical thinking abilities.
it is exactly the type of gift which is discouraged in our country.
And, it is the very gift which needs to be opened by everyone of us, whether college educated or not.
Don Levit

whoisbiggles

“College helped prepare me to think.”
Yes that was the original purpose of college/university. These college are a dime a dozen churning out graduates who know how to pass exams not necessarily to think critically.

Kim

I’m currently enrolled in college right now, and a lot of these statistics have nothing to do with the quality of education. I mean, yes, financially that’s all correct (and terrible). But the fact of the matter is that these days ANYONE can get a “college degree”. Does that mean that they received a bachelor’s degree or associates? Did they graduate at the absolute bottom of their class? Are they happy? It doesn’t matter whether or not a man or woman goes to college, gets a degree and then does nothing with it. To me, the American Dream is no longer having a degree from the finest university and getting a job that pays well, but the Dream for me is to be happy doing whatever it is that I end up doing. I’m NOT saying that this applies to everyone, because I’m not that naive to think that everyone is happy, but I would bet my life that a lot of the people included in these statistics are perfectly happy and wouldn’t have their lives any other way. Does this make them a failure, just because they’re not doing something “better” with their degree? No, and the fact that we consider them failures is another example of how messed up our culture is.

mondobeyondo

The National Inflation Association has an excellent video on this very topic:

Yes, college and university education in 2011 is a huge scam in many respects. In addition to the costs, time invested, blah, blah… you have to balance passion with realism. I mean… your passion may be to become an astronomer or archeologist, you may have dreamed of doing that when you were a child. But is there really a demand for those professions in today’s economy? And when you graduate, can you pay the loans off or feed your family by searching for new planets or digging up ancient civilizations?

Go to a trade school instead, or a community college. Education comes from a desire and passion to learn, not from a marble column building. Abraham Lincoln became a lawyer, by studying by candle light in a one room log cabin.

mondobeyondo

Study hard in elementary school. Study hard in high school. Get good grades, and advice from your guidance counselor. Pick a good university. Study hard, graduate, get a good job at a respectable corporation. Work 30 years, save a nice portion of your earnings. Retire, get your gold watch, and play golf, bingo and shuffleboard, hug and cuddle your grandkids in your remaining years.

Well… it worked in 1973. But the game has changed…

Jeremy

Did all those things…

Learned Chinese, and have a law degree. Massive amount of debt. Still have no job in my field. Six months out of law school.

eventual dropout

About to be a drop out, current fafsa account ballence, (78,990) usd. Well looks like im leaving this militarized police state and all of its scams behind…

timelordriversong

Go to China, where all the jobs are.

Skunk

Sounded boring to me even when it did work

Johnny

I don’t think it’s the majors people study. It’s how much they research on that major. I’ve met business and science majors who are jobless yet art majors who hold good jobs due to finding alternative routes to their field. The arts does not necessarily lead to being a starving artist. Digital design, advertising, etc. Same with English lit. As a former English major myself, I hold a job as a publisher (btw…NO debt for me). The alarming attitude the general public having towards education shows. I’m sorry, but I don’t think education is a waste of time. What is a waste of time is the debt and ridiculous amount of money students have to pay. It’s unfortunate, but there are jobs now that you need a degree, which I think you don’t.

http://surviveinchina.com/ Zach

college shuld be free

Guido

no, it should be expensive as hell with no gov’t backed loans. It should be so hard to get, that when you do attain a degree, it is a sign of excellence.
Just look at a British or European college in comparison to ours. They are extremely tough and graduating from one with a degree means a great deal more than it does in the States.

In Eastern Europe, where my wife is from, under Communism, you didn’t need to go to high school. It was optional, since you only needed a trade or just went straight to work. High school was tough and not everyone went or graduated. The Communists even made education seem like a waste of time. Graduating from High School was a real accomplishment, while higher education was even more unusual. But when the Wall came down, everything changed-folks who wasted time getting an education were suddenly in high demand and the folks who took the easy route suddenly started to suffer.

The Truth

Some of those percentage stats look like they were pulled out of a donkey’s ass.

Brien

I have to wonder why someone with a PhD is teaching public school with no other source of income.

mondobeyondo

Who would you hire first?

A college educated janitor?
Or a high school educated plumber?

Just curious…..

http://www.azlyrics.com/lyrics/otep/smashthecontrolmachine.html SMASH THE CONTROL MACHINE

old school plumber!!!AT LEAST HE’S HUMBLE

mondobeyondo

Hey, you’re thinking! Hee!
The plumber who was taught by his plumber dad, grandfather and his plumber friends – or even a plumbing trade school! – who learned the trade “from the ground up”, is far more valuable than the plumber who was taught by the local football coach, at My State University in front of 300 other plumber students.

Rick Quintero

This is the most ridiculous article I have ever read. If I follow your logic you are saying something similar to: Don’t take the medicine that the doctor prescribes because it is expensive and you have no idea if it will cure you and eventually you are going to die anyway. You never mention that learning is not a means to and end and that it can also be an enriching and personally gratifying experience for some that may want to learn for the sake of gaining knowledge. The fault is squarely with students who invest little and expect a lot. This has much more to do with the impatience of the new generation, their sense of entitlement and lack of commitment to anything other that requires hard work.

Luck

i think it’s crazy my school was 33 grand this year and next year it’s going to be 34 grand. the tuition for my school has increased my a thousand dollars every year fro the last 3 years. but a person has to choose to take advantage of their education. but sadly it’s a lot of debt and depending on the degree chosen it can be very difficult to find a job. A good paying job at that.

kernel85

From the sampling of these comments I’d say that most people don’t understand that college education is more about being a well-rounded, cultured citizen than it is getting a job. You may well — and should — get a better job if you’re well educated, but if your academic ambition is limited to learning one area of technology, or whatever, to the exclusion of all others, you’re going to miss the boat.

Loveless One

I disagree, College does not make you a better or more cultured citizen, it’s the punch-card to get your foot into a job field.

In the past it was what you’re talking about, teaching students ideals of philosophy, culture, language etc., classical Western education. Today it’s a big business promising big money jobs for quick and easy degrees.

I can easily see how people would still hold this old notion of what college is, it’s a myth that’s spread among the msm, high schools, wealthy etc. If you want to become educated or a more well-rounded person, teach yourself.

jay

i am in college now. people to think what they are going to go for. People need to take time it see if college is for them. College isn’t bad thing. also there are some great minors that can help a person get a job. People need to think what can the do with this when i am done. High school push college to much. At 18 it is not a good idea to decide what you want to do with your life.

jay

need to*

http://www.facebook.com/krista.ogrady1 Krista O’Grady

You’re in college right now but you don’t even know the difference between to and too, or when to use the words push and pushes correctly. As in, “High school push (should be pushes) college to (should be too) much.”

Reader

I wish writers would confirm sources before trusting them entirely. #20 is inaccurate, for instance. The study actually says that 50% of seniors reported that they did not take a class requiring 20+ pages of writing in their junior year. (Go read it yourself.)

Not to mention, most of the arguments given, whether be true, do not support the conclusion that colleges are scams. #16-23, for instance, reveal that students are lazier than ever. #24-35 reveal that economy is bad. How is this the colleges’ fault?

Still baffled

Most of you have no idea how corrupt and dangerous academia truly is. Just as there are no more statesmen in politics (except Ron Paul) there are no more intellectuals in academia. Were there ever true intellectuals in America? Gore Vidal, perhaps, but he never actually gave away the secrets of his class. If you are not a globalist (code word) you will not be publishing anything anywhere. In fact, you may end up like me on a terrorist watch list and barred from employment. Now, the fascist dictatorship wants to muder us. The government is Al CIA-duh. The government is the terrorist. And all universities are part of the government. If you are not under surveillance it is because you are too stupid to be a threat.

Tim Rolls

Are you some sort of Communist? You seem to think that the world owes you a free education.

t bowin

“If I can buy a LCD TV today for $200, and it cost $1500 five years ago, then why can’t I do the same for college courses and tuition?”

Um…you’ve never heard of Moore’s Law have you? (Hint, it’s not that kind of a law, and it’s not directly applicable to college tuition!)

I never believed in the college system of today, unless you are going to be a surgeon or engineer. I told my son, instead of going to school for a degree in film making, fill the car with your belongings and drive to Hollywood. Get a job as a gopher and work your way through the system. In 4 years time, you will be a camera operator, script writer, director. Take the money instead and use it to pay rent and find an entry level job in the film business. It would be worth so much more…..

This will be the next finacial meltdown. I can’t believe people go to college to be an english major or a teacher (like we need more?) . Then they get out, move back home and go deeper into debt, won’t go out and take any job, because they feel they should be walking into a management or executive position. O! The entitlement! I am surrounded by young adults that lament about jobs “beneath them”, their parents rubbing their sorry little heads, telling them, “Do what ever makes you happy” Like they would know, as they are being coddled at home, never being able to take steps on their own because their parents are footing the bill for their cars, insurance, food and cell phones. Sure, sure, you can’t find whatever job you went to school for and can’t afford to own your own place but how about this? Go be a cashier, barrista & waiter, pay your parents rent and phone bill in the meantime. Go find 5 roommates and get an apartment to share. Be a part of society, then work your way up. Just like everybody else did before you, whether you have an ivy league education or a community college degree, you have to go out there and do what you can. You’re young and able! Just do it already! And for that, you really don’t need college. Learn by experience, help people, contribute. Stop the talk and do the damn walk already….

timelordriversong

It’s pathetic the things people have to do for worthless paper. It’s time to stop chasing money and stop feeding the rich.

Gary2

Dan Beucke, Top Income Tax Rate: How’s 83% Sound? Bloomberg BusinessWeek, December 9, 2011. Three of the world’s top experts on the incomes of the ultra rich estimate how high taxes on the rich could go without any adverse economic impact.

The world needs to tax the rich hard and spread the wealth!

Ozmo

Gary2

PLease ************** stop with the idea of taxing the rich. You say it in every blog entery. I’m sorry you are poor and struggeling. We all are. I would like to Tax the hell out the rich, but what would that really accomplish? The Ultra rich like Bill Gates do provide jobs for people, taxing him would accomplish what? What needs to happen is 1. having a, I know its funny thought, responsible government which does not waist money, 2. People who are willing to get to work, There are those who abuse the system and taxing the rich would only encourage them to continue to abuse the system……I could go on forever, but the continued comments about taxing the rich will not fix the problems we as a nation or world community are facing.

You speak of spreading the wealth, but at what point do people do what is necessary to earn a living? I know that comment is not going to be popular and I’m okay with it. I’ve worked my way out of poverty and educated myself. I am currently working on my Master’s and struggle, but I’ll be D@mned to take a handout from anyone.

I work hard for what I have and I’ll be damned if I am willing to part with it to spread the wealth.

Please don’t misunderstand I have problems with how things are going and believe there needs to be a change, but a Socialistic idea does not work. History has shown us this.

I apologise if I have offended anyone, but there are other ways to “fix” the problem.

Werner Bock

Count yourself lucky for not having gone into farming. The odds would have been stacked against you even more.
From one who took the gamble
Werner Bock

Mike

Am I the only one who notices that none of the “35 facts” provide any evidence that support the claim that college education is a money making scam?

Michael

I am not sure that you read the same article that I wrote.

Michael

Tatiana Covington

Back in 1986-87, I had c. $8000 in student loans. I got tired of repaying them, soooooo……

I just dumped them and quit paying.

****** it.

And guess what, that worked. Now, if all those holding such loans now did the same, that would fix it quick.

dave

The rules have changed since 1987. You cannot dump your student loans now. You cannot get rid of them by filing bankruptcy.

Today, if you want to avoid paying your student loans, you need to go find a place off the grid in Montana or Idaho and not leave financial footprints anywhere.

Bunny

I agree that our education system is broken – but I have a bone to pick with #23 about the four-year graduation rate for those who began college in 2001. Based on my own experience (I was a sophomore at the time), many, MANY kids dropped out for a semester or more after the horror of 9/11. I don’t think that 2001 is a fair picture of this particular statistic given the circumstances… Not to mention that it’s slightly out of date now. Surely the statistic for a more current year is available?

Gary2

I think people should just make up that they have a degree. There are many companies who will fabricate education records etc for a small fee.

As many posters said that a college degree was not worth it why not go the easy route?

There are also companies who will fabricate references for you, job histories etc.

If wall street can cheat why can’t the rest of us?

Loveless One

Here here!

Ozmo

Gary2,

I’m sorry but I don’t want that type of society. One that pormotes lies, deceat, and cons. We have too much of this already in society and look at what it produces. I’m sorry but it feels like you want a free ride and others to do for you. How SAD.

Matthew Ogden

You mean exactly the type of society America is already? If we did this, we might actually have a good possibility of truly qualified people getting into professions they can do, rather than idiots who have a lot of academic diplomas that are totally worthless except for filling space on a wall.

After seeing it, on one in their right minds will even think of going. This is all part of the NWO: to make people dumbed down and in debt forever. I wouldn’t be surprised if one of the Bilderbergs is either sitting on some college board or is commanding the Presidents of major colleges and universities.

A message to the NWO: we have a better chance of making a million dollars by selling home-grown organic veggies (laws against it be damned) than going to your money scam colleges or accepting jobs you produced!

Jason

I have 2 degrees. Work in security for Uncle Sam. Pull down about 85K a year. But I have been going to trade school part time for 10 years increasing my skill set with skills that I can use after we stop fighting the fake war on terror and drugs. Trade jobs are hurting for skilled workers. Google it.

JJ The Fed

ms mm

I graduated from cosmetology school and lived barely above minimum wage as a hair dresser. Hoping for better, I continued putting my self through college. I now have a useless BA degree and I’m still working for barely above minimum wage…only now I have a 30K loan to pay back.

Pauline

Scam is WHY the FEDS made you have to PAY THEM UNDER “ANY” CIRCUMSTANCE; ie declare bankruptcy, income tax refunds etc. All IN ON IT TOGETHER. DEBT SLAVES …every LAST one of us who DIDNT have a rich daddy to pay the tuition!
Gold Sachs, Chase, Bank of America dont RUN our govt, they ARE our govt. WAKE UP!

http://Facebook Nancy

Times have certainly changed and my sympathy is with all students and parents who find themselves in serious financial debt. I have four degrees, including a doctorate, am a retired community college administrator, and place strong value on education for both developing a well-rounded person and getting a job. That said, we Americans have been duped into believing that all people should have a college education (presumably a bachelor’s degree at least), and that simply isn’t true. And we are victims of a number of phenomena that contribute to the demise of American education (and, to some extent, that WE have created.)

The facts presented in the article are startling, but they certainly aren’t the whole story. There are a number of factors that have led to this situation, and I’ll list only a few:

1) As a poster above has implied, mass education has led, over several decades, to a “dumbing down” of the entire educational system in America. Observe the number of schools in America which cannot meet federal and state standards on testing. For that matter, examine why testing standards were implemented in the first place: too many students were graduating with below-par skills in the 3 R’s, as well as knowledge about their own country’s history and way of governing, as one reason. If you question why so many college courses seem so elementary, look at the extreme number of students entering ANY higher education institution who have to take 1 or more remedial courses in reading, writing, and math–even the top academic institutions. Perhaps this is a major reason why so few graduate in four years or at all.

2) Beginning in the ’60s, the implementation of civil rights legislation which has ultimately led to “entitlement” to passing students, regardless of actual academic performance, on to the next level. I’m NOT saying that this legislation was wrong, by any means, but there has been a great deal of negative fall-out from these programs that the average American citizen seems unaware of. Having taught and worked in both the public school system and the community college system, I can bear witness to the many students and parents I’ve had to deal with, who complained about their children receiving F’s for plagiarism or other cheating, for not turning in work, for poor quality work, for having to do too much homework (such as writing papers, since I was once an English teacher), etc. I have been asked by parents and students (in public school, in community college, and in graduate school classes I taught) to give outrageously special considerations (or ignore the problem) to students on the basis of 1)socioeconomic standing, 2)personal problems, 3)being out of school for a long time, 4)race, and 5) disability, just to name a few. For example, I have been asked repeatedly to allow students required to take a remedial reading course to have the test administered orally because they had a mild learning disability (not because they were sight-impaired); in other words, they read below 5th-grade (yes!!) level and were wanting to get a college education!! I have been asked to give extra credit points for just coming to class. My grandson was allowed to pass a math course he was failing by getting extra credit points for bringing in soap bars for the poor. We live in an excuse-driven world.

In addition, these various legislative programs have put extreme financial burden on the educational system to provide for the various needs of students. Disability legislation is just one example. Again, I am NOT against such legislation, just pointing out that the American public is generally not aware of these costs for schools and institutions.

3) In general, there has been a certain “snobbish” attitude toward trade school education, with parents and even guidance counselors ushering kids with lower skills toward these schools and the more academic students toward universities. Yet some of the best jobs available (such as nursing, computer support, electrical repair, aviation technician, plumbing, welding, and construction) require higher levels of skill and end up in good-paying jobs. We Americans need to change our attitudes about what constitutes an educated person. The cost of attending public technical schools, community colleges, and trade schools is FAR less than attending a public or private university.

4) We have such intricate “due process” laws in this country that it is extremely painful and cumbersome and costly to fire a teacher or professor for poor performance (or other reasons), and administrators at all levels shy away from doing so. In most universities, performance evaluation is based less on actual teaching ability and results than on other “proof” of productivity. I understand the necessity of such protections, but they have become extreme–and we also live in a very litigious society. These lawsuits cost the American educational system and create a financial burden.

5) Parents and students have placed increasing emphasis on students enjoying all the benefits of home and all the benefits of protective legislation. I don’t have figures to support my claim, but it doesn’t take a person with a degree to understand the costs of dorms, lounges, athletics, tutors, special programs, equipment, etc. and how those costs contribute to the rising costs of education.

6)Generally speaking, neither parents nor students take the time to educate themselves about the costs of education or to prepare financially for the expenses of that education. How many parents with what would be considered good or very good incomes have actually saved for their children’s educations, but live in very nice homes, drive new cars, have boats or RV’s, take expensive vacations, wear the latest fashions, have nice jewelry, etc? How many are willing to sacrifice some of these things along the way to save toward their kids’ futures? How many students are willing to work their way through college, as I did? How many work hard in high school to make good grades, participate in activities, broaden their skills and interests so that they qualify for scholarships? How many parents expect or require that their kids stay focused on doing well in high school so that their college years will be easier academically and financially?

7) In the last few decades, there has been a growing emphasis on “immediacy.” We want to be financially successful immediately after college graduation; we want fine houses, new cars, the latest fashions, status jobs, etc. immediately. We don’t seem to be teaching our kids the notion that it takes time to build toward these things, and it takes effort or work, and this effort has to start early in life.

There are many other factors as well, but I’m presenting a negative view that bothers me and I’ll stop listing them. I went to great universities and learned how to be independent, how to study and learn, how to analyze and think for myself, how to enjoy other cultures and ideas, how to work toward a goal. I was exposed to some really great teachers, who were demanding in their requirements and tough in their evaluations (and I had to study my butt off, even while I worked to pay for some of my expenses). I earned a good education that provided the basis for a great career and life (but certainly not one without hardships). I made great friends, enjoyed the social activities, and thrived on the bull sessions. I am saddened by the fact that so many students who are missing out on all that, for whatever reason.

D

You grew up in a different era, where college was cheap and a degree actually meant something because not as many had it. The college system now has been hijacked by the bankers to make new debt slaves for the NWO – it’s really that simple. They can’t get the Gen Y’ers in houses, so they had to find another viable option.

Those are very valid points you make, but let’s not forget that colleges in present times (public state schools included) have turned into general pyramid schemes which send false statistics and promote worthless degrees in their curriculum to naive families – hoping they will jump the bandwagon for another 40k. They are not so innocent.

You generally seem to be defending the college system – understandably so. You were a professor. You’re pension and future life comes from it. It’s human nature.

A reason why you see so many “dumbed down” students in colleges is because financial aid is now available to every damn person in the world, ghetto and poverty-stricken kids included (who have 5th grade reading levels). They are told, afterall, that you must go to college to have a decent life. But don’t generalize that notion around the nation to all colleges. There are plenty of Harvard graduates with 100+k in debt – without jobs or underemployed at Pizza Hut. BTW, the entrance requirements for Harvard and other Ivys are much more difficult than they were 30 years ago.

People need to be aware what they get into with college, but most are indoctrinated from K-12 that it is the next stage in life – the norm. The college system simply plays along with the game, of course, because they make money from it. They work hard to make sure students and their families don’t know the dirty details behind the game.

Donna

To All Reading This:

I have a Bachelor’s degree and have one of the *************-paying jobs with the State you can imagine — b/c I got it later in life, okay.

But here is what I think is REALLY needed in my opinion, except, of course, for the scientific jobs that require meticulous classroom attendance:

(1) Disband all trade schools that cannot back up job claims and salaries with graduates who have gotten jobs within the past year — make them file truth-in-advertising claims, such as the court reporter schools that steal people’s money and have no job statistics to back them up;

(2) Raise the salaries of college professors;

(3) Outsource ALL college administrative jobs, (community college and state colleges), as many of these administrators get by on “Community College Lifetime Teaching Credentials” or other outdated credentials, and these people have little more than a degree in “Education,” “Sociology,” or “Psychology,” yet make upwards of $250,000 per year with lifetime public employee retirement system benefits that drain our economy;

(4) Simplify the legal language of college loans and standard civil litigation in our country to unravel the legal vagueness(es) that require too much time and money spent in interpretation — thus creating a morass of support personnel such as lawyers and judges at exorbitant additional salaries, time and expense;

(5) Offer high tax incentives to all state and public universities that offer non-critical classes online and require verification passwords and security questions so that students cannot cheat on their assignments — ask Mark Zuckerberg or Reid Hoffman (Linked In) for help. Such classes should include: Psychology; Sociology; English composition; all liberal arts courses; all education courses.

Again, huge tax breaks and financial incentives to all colleges that can do this — fire all useless high-paid Ph.D. or Master’s degree personnel in education and psychology — at an annual cost of $245,000 per year or better plus pension costs and see what happens.

Thank you for listening.

Wayne Patterson

raise the salry of college professors? what other job gives you lifetime tenure, where you pawn your work on to “teaching assistants” and you sit around bashing your country while your pay rolls in. I wager you are either a professor, or connected to one. either way.
GO PHXCK yourself you leftist pos dxuchebag

William John McCloskey

How about we scrap 80% of muck degrees and replace them with certification programs which people can complete in 6-24-months?

Noelle

I am a recent college grad and I worked my butt off to get where i am today. I worked two jobs through my 4 1/2 years at college, which i took 18 credits a semester at minimum. I am currently working as a waitress and a cashier and I am barely scraping by as I can’t afford the move to where my degree’s jobs would be. Its a sucky situation but there are still some of us that put in that hard work and can’t get any help at all. I graduated high school with a 3.2 GPA and I graduated college with a 3.65 GPA. My parents fall into the category where they “make too much (60K)” in order for me to qualify for pell grants and my grades weren’t “good enough” to qualify for scholarships. So in order to get my college degree it was loans or nothing. Am i proud to have a college degree? Possibly later in my life where I can have the benefit of only working one job but right now I work to live and live to work.

Nancy

A word for the teacher in the story, there is a way to take a break from making those payments and save money. Most teachers find that they need to “refresh” by taking classes during the summer when they are off. I know one who does this every year without fail. their education. As long as she is in school no payment is required.She now has a masters and is working on a Phd.

Anonymous

no payment required? Sounds more like a scam if you ask me

JR

All those “Yes we can/Yes we have no bananas” chanters et chanteuses – how you enjoying your socialist nightmare now? Enjoying paying your socialist professors so they can have the summers off and retire at age 53 (when you won’t EVER be able to retire?)

I spent eight years at university, two grad degrees, and basically wasted just about all of that time, not to mention money.

There is a place for education, but if there is anyone out there who actually thinks a degree in art history, queer studies, women’s studies, ad nauseam (think that woman who was in the news complaining about her $100k loan, after graduating from NYU with a degree in Women’s Studies!)is something useful, well, you’ve been duped.

wisefool

Part of the dumbing down has to do with the constant flow of entertainment via social networking and acquiring the latest gadgets with the most features. It saddens me how the head of every other driver who just stopped at a red light immediately tilts down to “their God” forsaken cell phone. What a joke. At least a circus doesn’t pretend to be something else.

http://www.spiritofjubilee.com spiritofjubilee

Ola! Endoftheamericandream,
This might be off topic, however, No Profile Comment
Cheerio
In America: governments, businesses, individuals are now buried under a mountain of debt. A mountain of debt that will never be repaid.

Who will borrow when they can’t make the payments on the debt that they have already? The math alone calls for a system reset, a debt jubilee.

Investors are already losing… in a rigged monetary casino that rewards usury, speculation, and currency manipulation while looting main street.

There is a moral principle that debts should be honored. That is, debts between businesses that buy and sell real products, not bundled ponzi schemes, debts between individuals, between friends and businesses that know each other to be rational and moral, debts based on investments where there is a rational expectation of return.

There is also a moral principle that unjust debts should be cancelled, and usury legislated against. Debts that are ‘odious’, debts based on fraud, debts to dictators, debts arranged by oligarchs without the consent of the general population (the 99 percent who have been left out of the equation), debts based upon compound interest upon compound interest, that should have been written off long ago, the debts need to be cancelled in a general jubilee. Think outside the box. It’s time for a jubilee.

http://www.youtube.com/watch?v=TCbFEgFajGU Dr. Gene Nelson

As an unemployed American citizen natural science Ph.D., I agree that today’s college education is a likely pathway to lifelong indentured servitude. The article has not mentioned that visa holders are given preference for employment. Massive loopholes were designed into the work visa programs such as H-1B and OPT that allow employers to hire a foreign national for a small fraction of what they would pay for a comparably qualified American citizen. Look at my website link for documentation about how employers systematically exclude American citizens from employment. The video is excerpts from a series of 2007 YouTube videos prepared by Cohen & Grigsby, a Pittsburgh, PA-based immigration law firm. This massive scam started in 1976 when the Association of American Universities hired U.S. Representative Joshua Eilberg to pass the Eilberg Amendment. The Eilberg Amendment allowed colleges and universities to import unlimited numbers of college professors and researchers. The private sector cited the Eilberg Amendment as a precedent for creating the analogous H-1B Visa in 1990. Greedy employers such as Microsoft were able to procure 3 employer-friendly changes to the H-1B Visa law between 1995 and 2000. Learn more from my 2007 investigative article The Greedy Gates Immigration Gambit. Recently, the OPT (Optional Professional Training) extension to the J-1 visa was opened up to unlimited numbers of foreign college graduates in many fields. The employer sets the wages for these visa holders. I believe that all of these legislative changes involved corruption and should be rolled back. Learn more at NumbersUSA

SJS

Meh.

I’ve paid off ~$20k in student loans… twice.

Maybe the student loan system has changed considerably since when I accumulated that debt; the student loans I had were low-interest (< 5%) and fairly flexible (I had a $7/hr job for awhile, and I got a 'financial hardship reduction' where they doubled the term of the loan so I could afford to make payments).

A lot of people that I've met who complain about the onerous cost of paying off student loans don't do without anything. They drive a nicer car than I do, enjoy cable programming on their big-screen TV, and spend their evenings surfing the internet via a very fat broadband pipe using their uber-performance gaming rig. Ask them why they don't do without, and you'd better be wearing asbestos underwear.

I'm sorry, but when you take on debt like that, it means that you've got to plan on scrimping for a few years. Expect to drive a crap car, and to do your own maintenance on it. Expect to enjoy a relaxing weekend watching your (free) PBS station and communicating via a $5/month dial-up connection.

Now, that doesn't make actions of the banks engaged in predatory lending, adjustable-rate loans, arbitrary alteration of the terms of a loan, etc., okay, but it's kind of difficult to highlight how the banks are being evil when the contrast is provided by people whose weekend liquor budget exceeds their monthly student loan payment.

Also, when you pick a school, you're told, up front, what the expected costs will be. Computing what your education will cost is simple arithmetic, something simple enough so that even today's math-challenged students ought to be able to work out. If you're not willing to accept the crushing debt-load of going to Harvard, why, don't go to Harvard. Go to a community college. It's a ton cheaper, and you'll still get an education. If you're smart enough to get into an ivy-league school, you're smart enough to pick a major that will allow you to pay off your student loans, or to go somewhere much cheaper in order to major in something relatively useless.

As for folks who think that education is useless — well, what you get out of a college education is proportional to what you put in to it. I have acquaintances who went to the same state university (cheap!) at the same campus at the same time I did (before we met), and their recollection of the college experience is vastly different than mine. They didn't get anything out of it, and I got all sorts of benefit from it, and the differences seems to have been one of attitude and application.

College is an opportunity… to learn, to broaden one's horizons, to meet people, make relationships, and so forth. Don't lose track of the people you got along with in college… if you did good work, they'll remember, and "Yah, I had classes with $yourname and they were good." from a trusted employee is solid gold to a manager when it comes to hiring. (And "Yah, I remember $yourname, they were a flake and a jerk." will roundfile your resume so fast it'll dent the bottom of the trashcan.)

And, finally, my biggest mistake was going straight to college out of high school. That was the American Dream, the fast-track to success, etc. etc…. but what I *should* have done is to taken a year off to take the money I saved during high school, and travel. Backpack across Europe. Take a tramp steamer to Australia. *Something* other than "go straight to school before learning why college is useful.

That way I would have only have had to pay off one set of student loans.

Alecia

I got my MA in elementary education. I couldn’t stop reading my textbooks and supplementing my education with further, non-required reading. I was completely fascinated with my field of study. I got a job in my field 6 months after graduating. I worked really hard at my job, often going on very little sleep, to meet the demands of the job, and exceed them. However, there was one drawback. I am a Christian, and I was a fish out of water. Without going into the full story, after two years, I was let go due to budget cuts and told that I should go work at a Christian school. Really, I am fine with this because now I home school my children, and that is God’s will for me. I am happy in educating my children. However, my story shows that must is expected to fit in with the company culture, or their job is at risk. If you have morals and values that make others feel uneasy, then you could lose your job for that reason alone, even with great evaluations and performance. I am not bitter, but just giving my perspective on the issue. I am now rich in other ways that money can’t buy! (My husband is our breadwinner.)

http://www.toibry.blog.com Ibry

His words will bring everyone to awed attention.
toibry.blog.com

dave

My BS in engineering: worth it.
My MS in Engineering Management: worth it.
My PhD in Systems Engineering: The trip was a blast. I enjoyed every minute of it, but did it make financial sense? Nope. When I put that degree to work, I’m going to take a $60K per year pay cut ($150K down to $90K).

john

I KNOW A GUY WHO SAYS YOU CAN MAKE ALOT MORE MONEY BEING A DRUG DEALER AND LEARN IT IN TWO WEEKS AND MAKE MORE MONEY ON ONE SATURDAY NITE THAN MOST COLLEGE GRADS MAKE IN A MOHTH. JUST ASK A PRO FOOTBALL PLAYER.

john

BYE BYE AMERICAN PIE TOOK MY CHEVY TO THE LEVY BUT THE LEVY WAS DRY GOOD OLE BOYS DRINKING WISKEY AND RYE SAYING THIS’LL BE THE DAY THAT I DIE. DON MC CLANE.

http://www.facebook.com/krista.ogrady1 Krista O’Grady

Whiskey.

Joe

Im a high school drop out . I got married when I was 21 .Im now 36 years old and run a successful company that I started when I was 18 years old .Im debt free .Ive known all along that secondary education was a big scam . Unless you are going to college or university to become a doctor or lawyer or learn an actual skill like welding or mechanic – your wasting your time and money . Having a degree doesn’t buy you success .having ambition and drive is what its all about .

Chris

Back then there were not much jobs that require college education. Your attitude towards education is wrong and is not an excuse for young people to not go to college.

You are wrong. Dime-a-dozen degrees constitute unnecessary schooling and not education. I know legions of college graduates who are dumber than a rock.

timelordriversong

I have yet to meet some 24 year old with a Phd who wasn’t dumber than a rock. Education has gotten to a point where it’s like one person paid $100 for a pair of blue jeans thinks they’re better than the person who paid $25. It’s silly rubbish.

timelordriversong

Both education and businesses sold you out. They are in it for the money, nothing else.

mlleblle

You are so so right…due to a series of events I won’t bore you with, I know Gen Y has been massively scammed into serfdom. We paid for that “degree that’s the magic ticket to a job/success/life” then worked for free at that “internship that’s the magic ticket a job/success/life” to then hear “oh we just don’t have the budget to pay you if you want pay, but you can keep working for us for free, you’ll gain lots of valuable experience that you can then use to get that job/success/life.” Im so glad I got a full scholarship. I’m starting my own business too. In the words of GOT “F*ck the King.”

Erica Pierce

That all of a sudden sounds like the answer. I guess it boils down to finding what works, what fits…Congratulations on your success.

timelordriversong

You don’t need to go to college to learn welding or mechanics. Telling everyone to start a business is not a solution either. More businesses competing for the same slice of pie means less money and there’s only so many niches. The only real permanent solution is to get rid of money and make education the number one priority instead of greed and war. Turn jobs into contribution, make prople better so they can make a better world. Work to live don’t live to work.

Owen

It’s still possible to get a good education at a reasonable cost, but you have to really work at it. Case in point: My last kid graduated last year with a IT degree with no college loans and money left over in his savings account. Never touched his savings bonds. He paid less than $7,500 for four years of college. How? He attended a charter high school at the local community college and graduated high school with his A.A degree. Didn’t even have to buy his college textbooks in that program — they were provided by the charter high school. During that time, he earned the Bright Futures scholarship (thank you, Florida Lottery players for funding his college education). Most Florida high school students seem to earn these scholarships. This scholarship would pay about 75% of his tuition at the next level, which for my son was a regional public university. He attended just one semester on campus and chose on his own to finish his degree from hom via distance learning courses. I still believe in a good college education, but the only really educated people in my opinion are those who really wanted to be educated and took the time to educate themselves. As a Christian, I have also come to realize that one’s basic values and worldview are the real determinants of how well one is truly educated. There is a great difference between job knowledge and wisdom. I would choose wisdom any day and I would rather be at peace with the One True God than be adept at calculus or physics.

jj

i’m surprised no one has mentioned the possibility of default fraud yet.

i was making my payments. faithfully. i tried making double-payments to pay things off more quickly (as per financial advisor). i was living very simply and within my means (small house, used car paid cash, no credit card debt, no vacations– even put off having children for years).

was making double payments that the bank kept putting into a “hold account” and then would decide to somehow not deduct anything, then say I wasn’t making my regular payments. Then sell the debt, i would go through and make sure they had a right to collect, etc, and then reset the payments, and get turned around again, and so on.

Ultimately, one of these companies decided that I had “defaulted.” I had all the evidence that I hadn’t defaulted (e.g., accounting from my bank since i’d set up a specific account for auto-withdraw from them), but the credit company said that they had “no evidence.” I faxed the evidence, tried to reconcile, etc. No dice.

i am currently with a debt collection agency. My credit score says “default” — even still, some 8 years later. When I attempt to increase my payment (e.g., double playments) to start paying down the debt, they say that they’re going to take me to court. I call to find out what the deal is — why they won’t take a higher payment — and i get some strange run-around.

So, i make interest-only payments right now and save my money in an account so that I can pay the debt in full once I have the money saved. I’ve been doing this for 4 years, and i’m about 1/4 of the way there.

I did decide, finally, to have a child, and we downsized our housing to save money, and I grow my own vegetables. We don’t own a TV, etc. Simple living is where it is at.

At the current rate, i will have only paid $10k in interest IF they allow me to pay the debt in full. I think that if they do decide to take me to court instead of paying the debt in full, I will “win” because I can simply show the court that I’m willing to pay the principle of the debt AND i’ve been faithfully paying my auto-payments every single month from the same account for the last 10 years.

I do not doubt that, at some point, there will be an investigation into “fraudulent default” just as there is now a situation of “fraudulent foreclosure” in the housing market.

I have also learned from friends who went to school with me that they were also making faithful autopayments, and when they tried to pay more (we graduated in 2002 and all went to work — so we had extra cash), they also ended up in default!

I think this is because of how the banks and collection agencies make money.

The collection agency that holds my debt currently sells the debt bundles as investments. These make popular investments because this collection agency has a high return rate. They are — from a business stand point — a ‘good’ collection agency. They keep good records overall.

Every few years, they do something “hinky” and I chase them down. I make sure to ask questions and get documentation. But, otherwise, they are “good.”

So, investors want to make investments with them, speculating on the collection of the debt.

Thus, they don’t want you to pay the debt. Once you do, there’s no more “asset” on their books. And without the “asset” — then they have nothing to sell as the investment.

Hence, when I go to pay, they might just push me to court — trying to scare me I guess. But, I will have the money and the paperwork by then, so the court will simply have to settle it with whatever I can pay, i guess.

Anyway, that’s my thought on it.

I know a lot of people think that those of us with a lot of debt or in default were “stupid” — and sometimes i feel that way, and I didn’t know better — but I’m certainly trying to be responsible about my debt AND living simply and austerely in the process (more kids would be nice, but more kids would be hard to feed if i’m budgeting to pay off this debt! so, no more kids for us!).

Anyway, just putting it out there.

Msannanola

I think the analagous thing in housing is mortgage servicing fraud. Check out this blog msfraud.org regarding mortgage servicing fraud. They recently did to my best friend what you are describing. They all of the sudden said she was in default charged a bunch of fees. Then about a month later they took out the monthly payment four days early and thereby overdrawing her account. She had to pay around $1800 extra dollars she did not have to try to keep the loan current and pay the overdraft fees. Would not be surprised if the bank and loan owner are in on this together. They share info about who is on autopay and can be stripped of their cash this way because their balance is low. Seems a little too coincidental that they take the payment early just when it maximizes fees for the loan holder and the bank. A little too good to be true for,the duo of bank and loan holder.

If you read about the mortgage servicing fraud you will come to the conclusion that a mortgage is a big gamble. Just like student loans, you have no power over who owns or services your loan. You are powerless in the face of their money and lawyers. My opinion is if you are in debt and not making much and dont have much in the bank they will prey on you if you let them. One way to be in control is not to let anyone auto deduct from your account. This is how they got my friend. I have avoided all these issues by never allowing anyone to autopay. I set up my own one Tim transaction through my bank each month and set it to arrive on the day before the due date. Why the day before? If you ever bother to read your credit card “terms” which I have, they say the payment must be received at a certain time on the due date. Unless you schedule the payment to arrive the day before you don’t know if it will make it there in time.

Anonymous

Thanks for the info.

If there is some fraud going on in the collecting agencies, then someone needs to investigate.

JB-Infoseed

Education equals Indoctrination.

Taylor

I think people are neglecting the big fact here

“In 1999, average annual earnings ranged from $18,900 for high school dropouts to $25,900 for high school graduates, $45,400 for college graduates and $99,300 for the holders of professional degrees (medical doctors, dentists, veterinarians and lawyers)”

Over a lifetime an individual with a college education will earn substantially more. I understand that tuition’s have never been higher but that reflects the overall trend of higher emphasis on secondary education.

Our country is reaching a point now where a BA is the starting point. Although I think it is great that we are headed towards a higher standard in education, we also need to educate our youth about debt. We need to alert them to the predatory for-profit schools that provide little value for the ten or possible hundreds of thousands of dollars they invest.

Its not a matter of not going to college, its now a matter of orienting yourself to have a great education and as little debt as possible. The best of both worlds.

B.S. In Psychology

That may be a “fact,” but the other fact they didn’t tell you was the fact that these medical doctors, dentists, veterinarians, and lawyers also have enormous amounts of debt, which translates to well, just as much earnings.

Old Man

The financiers ran a Ponzi on sub-prime mortgages for reasons obvious by now. Then the sub-primers defaulted. They went back to their rental rooms while the financiers took a hit. And promise not to do it again.

The financiers ran a pyramid on Alt-A and other mortgages. Then millions of these defaulted.

The financiers ran a fraudulent bond scheme with names like CDO, MBS and other complicated stuff. Then the whole thing blew up and everybody defaulted. What happen? Congress passed laws prohibiting the financiers not to do it again.

The financiers ran a milk-a-student debt-for-life scheme on the college system. So that the total college debt now exceeds those funny mortgages.

What would happen if students default en-mass because the scheme is predatory?

Nothing. The financiers go bust and promise not to do it again.

In life the screw can be turned both ways. Students should be educated on that! Get my drift?

http://politicsandfinance.blogspot.com Michael Haltman

This link will bring you to a very interesting poll that lets you cast your vote about this very simple question: Is the end result of getting a college degree is worth the cost and time that it takes to get that degree! http://bit.ly/thNLg0

James

My advice is to take out a loan equal to what you would use to go to college, and use it to start a business. You may not even need the same amount but a significantly lower amount like $10,000 – $15,000 for start up costs. Find out what you are good at and then find out if there is a market for it. If there is no market, you can reinvent yourself. If the economy keeps getting bad, you should investigate local farming type businesses that support local farms or farmers markets. As food prices get higher, these businesses will be a god send.

Hot Kok

Colleges, professors and books are now a thing of the past. We are now entering the age of super computing where robots carry all the knowledge. No need for humans to read, write or learn. Let the robots do that stuff and work for us. Good day to all Americans.

Anonymou

The Internet is where it’s at! I even heard some India guys get their Engineering degrees ONLINE! For free? I’m not sure. The college system may have worked in the 70s, but nowadays you can learn almost anything you want online (& sometimes free as well).

Anon

I was insulted by this article.

As a full-time computer science student with an honors comp sci class, two upper-level math courses, a geology course, an internship class and a job, I do not want to hear about how easy student life supposedly is and how people my age are supposedly spending “50% less” time studying. When these kinds of statistics come out, colleges seem to overcompensate (ESPECIALLY in the engineering fields..oh, how I respect those students) and tack on more and more requirements to become a ‘well-rounded graduate.’ I work at the Writing Help Center at my university, and I have seen students come in with tedious, ridiculously time consuming major essays that do nothing but get in the way of their coursework. We get a lot of engineering students who have to put up with the “University Writing Requirement” and spend precious hours writing about business ethics (rather than learning from experience and common sense throughout their careers) instead of doing their physics homework. In one instance, we had an influx of students from a CHEMISTRY LAB who had to WRITE AN ESSAY ON PLAGIARISM. Some might just blow it off and throw something on the paper in 20 minutes, but for the truly dedicated, detail-focused students who never slacked off and led colleges to this in the first place, burnout ensues.

In short, I’m blowing off steam. Did my parents spend all day on campus, studying or working if not in class, when they were in college? Maybe. Did they come back to their dorm/apartment after dark, only to study and cram in as much homework as possible? Maybe. But did they completely lose the notion of “weekend” and resort to waking up at the crack of dawn every Saturday and Sunday, bringing lunch to the library and studying (just to keep up) until dark once more, so much that they actually like weekdays better because class is now a “break”? Probably not.

There are only a few reasons why someone would get to this state. One is that they’re just not cut out for college. WIth a 5 on all 9 of the AP exams I took and a 2270 SAT, I don’t think that’s the issue. Another is that they choose to work too hard. Admittedly, I do, but it feels like I’m just getting by. Another is that…school’s a b*****. Yes, I kill myself over studying, but I feel like (outside of my own ability to tone it down), I shouldn’t have to. The growing concerns about slacking students have led to SO MANY additions of requirements and coursework that the high achievers pay a dire price.

And when the slackers continue to perform sub-par (and still move right on along due to grade inflation), they find that they can’t make it in the real world. Their employers complain, the colleges demand more, the slackers keep slacking, and the horrible cycle continues. We are making school a miserable place for the most dedicated students.

Ed

nice novel, not going to bother reading it but im a computer engineering student, college is a joke in the USA. I went there for a semester as a foreign exchange student and i was shocked at the very low expectancy level of effort I had to put in to ‘keep up’ kinda pathetic if you ask me. By the way, I’m just an average student from a 3rd world country. Of course, there’s always those who do poorly both in USA and in my country but the point is, USA’s thousands of dollar debt isn’t worth it in my opinion. I spend 100 USD in a public university and I’m happy to know that im not really missing out on much except maybe having the honor to graduate from a prestigious university from the states. I will give you this though, slacking and putting barely any sort of effort gets you no where, and i am aware foreigners have a reputation of typically giving poor quality but each to their own. I’m currently doing ‘social service’ as they call it here for the IBM company as a requirement for my degree and it’s going smooth, hopefully i can follow under my cousin’s footsteps and breakthrough in the computer industry, the guy worked for NASA at one point! of course, he had to obtain a masters and phD but his undergraduate was obtained in the same uni im currently attending.

Anonymous

The Truth hurts. We understand.

Genius

AH ha ha ha ha. College. You little jackanapes need to focus on exercise, eating right, breathing clean air, learning to make clothes from hemp, and so forth. How’s aboot you STFU all together for a start, you just might listen to yourself for once. There’s your education.

U Avalos

Something sounds fishy. I also made about 50K in NYC—out of all places—and I was able to bring down my $50K loan to $30K in 10 years.

And again, I did this in NYC, a very expensive place to live.

How was she living? In those years, I did live very frugal—a middle class life but frugal. I rarely ate out, etc. I drove the cheapest Sentra, bought brand new but with no bells and whistles.

I guess what I’m saying is that this person is a bad example of a “worst” case scenario.

rduanewilling

If education is essential to the national future and crucial for progress in culture and technology, why not make loans available “sans” interest? By the way all you college grads alraedy know that money is created by loans created out of “central bank” thin air. Just a thought. thanks Rduanewilling.

Msannanola

I am a total over achiever in high school and undergrad but decided against any advanced study after doing my own financial research. I figured with the opportunity cost of leaving the workforce, plus the cost of tuition etc I was looking at $150 grand for any MBA or JD I wanted. That is the ones I wanted. Going to a crappy school was not going to cut it. I knew of two local programs that may have been cheaper but they were not worth the paper they were printed on. I figured once I attempted to pay off the $150,000 grand I was going to be making the exact same amount before going and lose all flexibility. At the time I was stil hoping to have kids one day. I have given up on the formal education but not the informal . I am still learning today and will continue to do so. It is not worth it to be in debt the cost of the house I bought in the 90’s just to say I have a masters degree. Even in undergraduate things were not all they were cracked up to be. Our econ professor said we were 50 percent smarter than the business school kids, but who was highly recruited? Not us smart kids. The kids with the probably compromised ethics that took down our economy because they had a nifty idea to invent MERS and scam and defraud the public. Of course it does not help that only the little people are EVER prosecuted for fraud. Madoff was an exception not a rule.

A two tiered justice system like we now have in the USA encourages this type of predatory behavior.

kmackenz

Madoff was prosecuted because RICH people lost money because of him. Regular people like me lost money in the mortgage scam meltdown- that is why there are no prosecutions now.

Rapscallion

To John:

“Bye Bye American Pie…” It was Don McLean. Don McClane was the Bruce Willis character in the “Die Hard” movie series. Unless that was your hidden objective to show how all of today’s students’ lives are going to progress because of the predatory elite in this country.

Oops..I guess that was John McClane in the movie…. but I still like your subversive innuendo!

kmackenz

No one has mentioned the gigantic rip-off that is The College Board. AP tests $$$, SAT tests $$$, sending SAT and AP scores $$$, CSS Profiles $$$. They have turned college admission into an insane profit making machine. Then, the majority of students have to take LOANS to study and the banks are insane profit making machines.

Young people are undervalued and used by this country. There is no other way to interpret the behavior.

Skunk

The corporations have secured their spot at the top and own everything now, and economically, the smartest course of action for them is to keep the working class not only in poverty, but in debt indefinitely. Good game.

Michael

I have one solution: AMWAY

turdly

I have an MD degree and more than made up for the cost of the education but now days I don’t know.

I’d probably advise to get a 2 year tech degree in health care fields. There will be fairly decent jobs there for a while. rad tech, dental asst, nursing, etc. Probably could do it for 10-20 k if you do your research and especially if you can live with ma and pa.

Good luck

Governments fund overpriced Universities and students have to pay for it

Our government hands out loans to students like its nothing (Free LOANS just sign up, just need to be alive and American). Universities noticed how the government was giving out college loans to everyone and they cranked up the prices.

The government keeps giving loans, the students keep paying, and these universities keep making ridiculous amount of money.

“Oh you want to be a ceramics major??. Here take 40,000 dollars give it to the university, learn about ceramics until you get your degree, can’t find a parking spot everywhere, the teacher doesn’t give a *****, each book costs over $100 dollars, you need to sign up for all this extra ****** that is unecessary and costs more money, then you graduate, can’t find a job anywhere.. oh but you owe us 60,000 dollars now”

timelordriversong

Government isn’t doing it, the greedy contractors are and they are a business. The government got scammed too.

Andi

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http://www.facebook.com/jonathan.d.hudgens Jonathan David Hudgens

PUC: (private education) about $34,000, give or take.

I get 70% off of room and board for special reasons.

I pay about 12,000 in loans every year.

One of the commenters said that you should only go to college if you have the financial means to pay for it. What about those of us that actually want a degree, but dont necessarily have the means to pay in full at the beginning of the year? Loans are a perfectly viable option.

Am i still going to be in dept until i die? Yes. Do i think a degree guarantees me a job? Absolutely not. But in this economy even retail sellers wont take you seriously without one [a degree].

Education is overpriced.

Loan companies screw everyone over

and many people like me have no other option then to sign our lives away to this scheme.

http://profile.yahoo.com/2DGJZQ53NSQG7FYK6VJTYNV3D4 Frankie

These are very alarming statistics. I’m still on the part of where there are more than 100,000 janitors that have college degrees. It’s like they are trying to tell us you need a degree to scrub toilets.

Jack handy

Liberal arts degrees have been and will always be worthless. They are easy to get, so they really mean nothing. This does NOT apply to science and engineering.

Mandi Donga

computer science people do tend to get good jobs after college. Mostly, because software is a booming industry right now. There are many jobs available in this field. There are many problems with the college money making scam. One of the biggest is that people go for degrees in which they can’t get a job. They go for a history, or an art degree which isn’t really all that useful when it comes to getting a job (unfortunate, but it’s true). And then there’s all the well meaning people who try and try to do good but just don’t have the skills to do college. What’s truly terrible, is these poor kids tend to drop out and don’t even have a degree. YET STILL HAVE HUGE LOANS. High school tricks them into thinking college is going to be easy (mostly because high schools in the US do NOT prepare, or challenge kids enough to enter the college field.)High school doesn’t really prepare kids at all. I wish our government actually WANTED to help Americans. If they did they would have a one year long mandatory free job training class in high school from a variety of fields (that are practical decent paying jobs) and a student would pick one, get a certificate and then only go to college if they really wanted to. It would be simple, cheap, and it would make Americans employable. Unfortunately, a college degree doesn’t guarantee a job.

hi

community college?

collegescam

Going to college was the biggest mistake of my life. I am qualified only for the type of work I was doing in high school and my income compared to the cost of tuition is insane. It would probably take a lifetime of my wages to even match what went into my “education” – which I got almost nothing out of in terms of both general knowledge and job skills.

Yen

i got to agree i have a lot of friends who done well in school and expects a high expectation in jobs and it turns out their not getting no where. Also two of my friends and i who didn’t do well in school we found easy jobs that last long and pays off really well. So you really dont need all that much school in order to become successful. Besides whats the whole point of being successful in school and everything.
Just accept what you have many people dont have a job so just go get a job and finish school later.

Yen

I also found a lot of people who done well in school ends up killing themselves because of the stress. A lot of my cousins are really smart and intelligent, raised in a rich family, is popular in school and their almost done with school but they dont have a job yet. My cousins major was something related to office work and she told us she works 8hrs a day minimum after her task is over she has to volunteer to help in the staffs member to finish up their assignments. Besides if i found a job that is easy i would keep it there’s really no point of office jobs its not really worth it. You got to stare at the computer 8hrs a day and only a couple hours of break and no free lunch same goes to doctor you got to look at bloody teeth, fixing teeths, drilling peoples teeth all the time and have like 1-2hr break and stay in extra hours of work. Really i started to understand you dont have to do well in school to become successful.

Bill Gates

FREE FREE FREE….

college was like Computers/Cell phones/Few had access to it.
Now Anyone can go to college for FREE FREE FREE.

1. Real lectures: 100 can see the lectures.

2. Internet lectures: 100 Million or 1 Billion can see the lectures Anytime Anywhere worldwide.

Once the classes are posted online, the whole world can see the lectures for Free free free or Almost Free free free.

college was once a luxury. Now anyone anywhere in world can go for Free Free Free….

David Malenfant

Yeah this is true, and I have learned a lot of my major through the internet (computer science major) problem is, I still need to pay a college for my B.S. to get a job. Most job interviews I have gone to wanted to hire me for my military experience, but since I lacked a bachelor degree, they did not hire me.

http://www.facebook.com/kent.coxey Kent Coxey

Yes, I agree completely! I graduated with a B.A. in international Business from UF. Suffice to say, I paid about $60k and 5 years of my life for a piece of paper about at valuable as toiletry goods. I felt my entire generation was lied to/ tricked/ swindled on a massive scale!

I knew a B.A. did not entitle me to prosperity, but I thought it would lead to my “foot in someone’s door”. That was the biggest lie of all. The idea that if I invested so much time and money I would get at least a brighter opportunity then I would otherwise.

I’m a smart kid- I know that- all I want is a chance but it appears I will never get that! The managers at the place I work at now are all dumb as hell! my direct “supervisor” doesn’t know what economics is!!!! SHE HAS NEVER HEARD/DOESN’T UNDERSTOOD the word!!!! How am I suppose to compete in an environment like that?

Frustration does not even begin to describe the sensation I feel right now. I am beyond pissed! I live on my parents couch/ have no phone/ no car/ no life! and Why? I would take any job tomorrow if I was given a chance! I would move to the other side of the world if it meant I could have at least on opportunity to prove myself.

Of course I don’t want to take the job as a barista. Should I? People say that we have to much “entitlement” well that’s correct! and if you paid 60k and spent 5 years for just a chance to prove your worth wouldn’t you? what kind of society is this if you have to go to college to ask if you want “to supersize it”? Don’t we want something brighter for the kids who work hard? It would be different if I was a bum- who lived off my parents. But I worked three dead end jobs in college to pay for living expenses! don’t tell me I didn’t try hard!

I think is was shameful of the generation before us to say that college was a key to opportunity.

Shouldn’t we want a brighter future for our kids? Why does this society curse the one’s that try hard to educate themselves?

Like I said I’m pissed – that’s pretty much it!

John

After graduating and struggling to find a job in this economy my thoughts on college have really changed. Many of my generation where told get a degree and that would help us get a job. Now there are so many graduates and there are not enough jobs, companies may not want to hire because of the up and down nature currently of the economy. I am shocked when i hear what some people got degrees in and understanding it has no real value when they get out there and start looking for work.We need to really start understanding now that education does not equal getting a job and alot of the past ideas that have been attached to it. Otherwise we will have more graduates spending millions only to remain in debt the rest of their live and getting paid very little.

welcome to the real world. in our pc world, we all work for half wits who shouldnt be allowed inside. get out. make your own way

Broke College student.

Here is my story. I have been running this treadmill called college for at least 5 years now and still have no degree(i was part time for the first 2 years). So today i go to meet with my adviser to ask why i was dropped from my advance programming in C course. She responded, oh, we changed the pre req for that course it now requires calc 2… I go, wait my major doesnt require calc 3, but it does require the programming course. She didnt respond… In case anyone is wondering what university it is, i go to Temple University which is a very well know american school.
Among other things, our math department heads are told to make the courses in math as hard as they possibly can within the course guidelines to ensure the no one who isnt an EXPERT in their subject will not pass. ALSO there are no calculators allowed for ANYTHING! even natural logs!!! WTF how do you do a natural log without a calculator!!!!!

College is a sham and has doomed me to spend an eternity paying my debt off.

Broke College student.

Allow me to add this also. Tuition this semester went up for me. I am an instate resident and before my loans are applied my tuition is about 23,000 a year…

Charles Darwin

Free free free/give away free free free

university of california

university of texas

university of michigan

public colleges on public land with tax money.

give All back to people who paid for it.

Post online for Free free free to all

Tax money on public land. Free free free to all….

Daniel Gilmore

Yeah, I’m still gonna have my dad spend 100,000$ for it

David Malenfant

I believe students don’t study as much as they used to is because they have to work as well now. I have to go to school full time to get all the full benefits from my G.I. Bill. If I go part time, I waste what I do not use. G.I. Bill pays by months you have, not amount of money they have for you, so therefore if I take only 2 classes or 4 classes a semester, either way that is a semester worth of coverage gone and that is no fare to someone such as me who has to pay bills and rent at the same time.

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Anonymous

I have just recently graduated with my degree in Computer Science. I know that people some are able to be successful without a degree, as a degree does not determine success.

However, many of us STEM students are stuck in a 22 catch position because most employeers require a BS degree MINIMUM for their opening positions. And it really sucks if you have student loans because of it. So what’s a person to do? It would be nice if it wasn’t a job requirement, but it is.

Ever since I graduate, I started thinking remaining in my community college would have been the best choice. The classes were cheap & they gave me a way better hands-on experience in my skills than when I went to a big university. Now I have graduated with a massive amount of debt! And still looking for work.

To all those students who are not taking STEM classes or to people who want to pursue anything BUT a STEM degree, don’t even bother messing with college. Your liberal arts humanities degree won’t get you a good paying job out in the real world. The only reason why those who take STEM classes should pursue college is because the workforce has a high demand for those jobs & because you are more likely to get a good rewarding career with them.

Other than that I definitely agree with this article. College is no doubt a rip off, & I wish I had chosen a better route in acquiring my skills. However, I didn’t. I have no one but to blame but myself. Of course, I also blame the public schools & the MSM for suckering me into going that route.

One things for sure, the “college bubble” is going to burst, & when it does, we will all be paying for it! Our own currency has deteriorated because of this bubble.

Anonymous

And the funny thing is, you can BUY degrees online! Not kidding either. There are sites that do that. Kind of makes you wonder how much a “degree” is worth.

Erica Pierce

I’m sitting here wondering how far am I willing to go for my education. After reading the article i’m a little discouraged.

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